https://www.taxtmi.com/caselaws?id=37679 The High Court of Madras ruled against the assessee in a case concerning the interpretation of u/s 54 of the Income Tax Act, 1961 for the assessment year 1966-67. The court held that continuous residential use of the property for the full two-year period preceding the sale was necessary to qualify for the benefits under u/s 54, despite acknowledging the potential harshness of this interpretation. The judgment clarified that any ambiguity in tax statutes should be resolved in favor of the revenue unless the language is unequivocal, directing each party to bear their own costs. en-us Tue, 07 Mar 1978 00:00:00 +0530 Wed, 31 Mar 2010 13:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37679 The High Court of Madras ruled against the assessee in a case concerning the interpretation of u/s 54 of the Income Tax Act, 1961 for the assessment year 1966-67. The court held that continuous residential use of the property for the full two-year period preceding the sale was necessary to qualify for the benefits under u/s 54, despite acknowledging the potential harshness of this interpretation. The judgment clarified that any ambiguity in tax statutes should be resolved in favor of the revenue unless the language is unequivocal, directing each party to bear their own costs. Case-Laws Income Tax Tue, 07 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37679